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SingularityNET (AGIX) Soars 45% in 24 Hours As AI Chipmaker Nvidia Profits Surge by Triple-Digits

SingularityNET (AGIX) Soars 45% in 24 Hours As AI Chipmaker Nvidia Profits Surge by Triple-Digits

An artificial intelligence (AI)-focused altcoin is skyrocketing as tech giant Nvidia’s profits leap by triple digits. According to a press release detailing Nvidia’s Q4 financial report, the AI chipmaker hauled in a revenue of $22.1 billion during Q4, up 23% from Q3 and 265% from a year ago. News of Nvidia’s success preceded blockchain-based decentralized […]

The post SingularityNET (AGIX) Soars 45% in 24 Hours As AI Chipmaker Nvidia Profits Surge by Triple-Digits appeared first on The Daily Hodl.

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Legendary Investor Stanley Druckenmiller Dumps Big Tech, Bets on AI and Gold

Legendary Investor Stanley Druckenmiller Dumps Big Tech, Bets on AI and GoldStanley Druckenmiller, the legendary investor who was part of George Soros’ Quantum Fund, has dumped traditional tech stocks while putting funds into gold mining companies and artificial intelligence (AI) shares. According to filings, he sold Amazon, Alphabet (Google), and Broadcom stocks while acquiring shares of Barrick Gold and Newmont, two gold miners. Stanley Druckenmiller Sells […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Meta’s AI boss says there’s an ‘AI war’ underway and Nvidia is ‘supplying the weapons’

The outspoken executive also said that Meta isn’t pursuing quantum computing because it isn’t currently useful.

Meta AI boss Yann LeCun sounded off on the industry-wide state of artificial intelligence and quantum computing during a recent event to celebrate the 10 year anniversary of the founding of Meta’s Fundamental Artificial Intelligence Research (FAIR) team. 

During LeCun’s commentary, he commented on Nvidia’s current stranglehold on the AI hardware industry, the likelihood human-level AI will emerge in the near future, and why Meta isn’t currently pursuing quantum computing alongside its competitors.

The artificial intelligence war

LeCun’s views on the imminence of so-called human-level AI are well-documented.

By comparison, Elon Musk recently gave the bold prediction that a “Digital God” would arrive within the next 3 to 5 years.

In the middle, perhaps, lies Nvidia CEO Jensen Huang. He recently stated that AI would be able to complete tests in a manner “fairly competitive” with humans in the next five years.

Read more

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Nvidia posts record $18B third quarter revenue, cites generative AI as primary driver

The company posted its record quarter just days after Nvidia stock achieved an all-time high.

Nvidia announced third-quarter revenue for 2023 of $18.12 billion, a company record, as the firm’s market cap now reaches $1.22 trillion.

The better-than-expected earnings follow a 12-month growth trend, during which the company saw earnings increase by 34% over the last quarter and 206% over Q3 2022.

While the company beat estimates, the strong quarter likely didn’t surprise investors or shareholders as the company’s stock recently spiked to an all-time high of $499.60 per share.

Nvidia founder and CEO Jensen Huang credited the growth to AI hardware sales:

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI of NVIDIA.”

He continued, mentioning that AI startups, consumer internet companies, and cloud service providers were the “first movers,” adding that “the next waves are starting to build.”

The record quarter comes at a transitional time for both the company, which is headquartered in Santa Clara, California, and the global chip market.

Related: How an ‘internet of AIs’ will take artificial intelligence to the next level

The U.S. recently issued a partial ban on chip exports to several countries, including China. Over the past several quarters, approximately 20-25 percent of the company’s data center revenue has come from the Chinese market.

Nvidia’s most recently disclosed data center revenue of $14.51 billion indicates that as much as $3.6 billion in Q3 earnings may be attributable to sales in China.

The company’s chief financial officer, Colette Kress, told shareholders during a call to discuss the Q3 earnings that the export ban would cause its business in China to “decline significantly” in the fourth quarter. However, Kress added that the company believes those losses will be “more than offset by strong growth in other regions."

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Microsoft, Salesforce, and Nvidia swoop in to hire OpenAI employees as walkout threats increase

OpenAI’s future remains uncertain as employees threaten a walkout over the firing of former CEO and co-founder Sam Altman.

OpenAI’s decision to fire CEO Sam Altman may have put the company’s future in jeopardy. 

Reportedly, a lion’s share of its employees have threatened to walkout unless the ousting is reversed. Complicating matters further, a number of executives from big tech orgnanizations have offered jobs to employees considering leaving.

Microsoft CTO Kevin Scott and Salesforce founder and CEO Marc Benioff have offered to match the compensation of any OpenAI employees looking to jump ship while team leaders at both Meta's FAIR and Nvidia have solicited resumes and offered to place former OpenAI employees in their divisions.

The outpouring of support comes on the heels of a rollercoaster 12 months for OpenAI. The firm released its seminal “ChatGPT” product in November of 2022 to worldwide acclaim. In the time since, the company’s valuation has catapulted to a reported $86 billion. However Altman’s surprise ousting on Nov. 17 has resulted in unprecedented turmoil for the firm.

As of Nov. 21, and the time of this article’s publication, a reported 700 of the company’s supposed 770 employees — including Ilya Sutskever, the sole remaining co-founder to occupy a position on the firm’s board of directors — have signed a letter signalling their intent to walk out if Altman isn’t reinstated.

Related: Microsoft and Nvidia stocks reach all-time highs amid OpenAI CEO shuffle

While the threat of an employee walkout isn’t unusual in the tech sector after a company overhaul, this particular scenario could have an outsized impact according to speculation from numerous boffins and pundits.

One unlikely scenario being bandied about involves the hypothetical wholesale hiring of all available OpenAI employees by a larger firm such as Microsoft. This would ostensibly create a hostile takeover scenario wherein OpenAI is acquired in all but name for pennies on the dollar.

However, there are multiple other scenarios to consider. Recent reports show that OpenAI’s board and newly-hired CEO Emmett Shear are engaged in “intense discussions” with employees and stakeholders.

If successful, OpenAI could retain its core development team and move forward with its new CEO. But Microsoft’s hiring of Sam Altman as the CEO of an as-yet-undisclosed new AI division within the company could complicate matters as he may no longer be incentivized to lead OpenAI.

It remains to be seen whether OpenAI employees will make good on their threat to walkout if the company chooses not to overturn its Nov. 17 decision or if Altman refuses to return.

Microsoft and OpenAI did not immediately respond to requests for comment.

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

China AI chip market finds expansion paths despite US export restrictions

The U.S. imposed export restrictions of high-level AI chips to China last October, though Chinese companies are now finding new options to develop their technology.

The Chinese artificial intelligence (AI) chip market has been subject to ongoing export restrictions which imposed by the United States from October 2022, which prohibited the sale of certain U.S. products to China. 

The U.S. initially blocked the export of the highest level of chips produced by companies like Nvidia and AMD. Under the initial October controls the companies were still able to export other models to China, such as Nvidia’s A800 and H800.

One year later on Oct. 17, the U.S. government announced an expansion of controls to “reinforce” the previous ones, which meant that all chip models would be embargoed from the Chinese market.

One of Nvidia's top gaming chips, the L40S chip is also affected by the latest export restrictions, which were immediately effective on Oct. 24.

However, on Nov. 9 the local Chinese media outlet STAR Market Daily reported that Nvidia has plans to release three new chips for China. The report cited people familiar with the matter and said the chips are called the HGX H20, L20 PCIe and L2 PCIe.

Nvidia reportedly could make the announcement about the new chips as early as Nov. 16. Cointelegraph has reached out to Nvidia for comment but hasn't yet received a response.

According to a quarterly report from Nvidia earlier this year, China is one of its largest markets, along with Taiwan and the U.S.

Related: Chinese president calls for unity on AI challenges and cyber development

Additionally, Chinese companies have been turning to domestic companies to fulfill their needs for AI chips. 

On Nov. 7, Reuters reported that the Chinese technology company Baidu had ordered AI chips from Huawei in August of this year.

According to the report, Baidu ordered 1,600 of Huawei’s 910B Ascend AI chips for 200 servers. Huawei’s 910B chips are supposed to be an alternative to Nvidia’s A100.

The report said that by October, Huawei delivered more than 60% of Baidu’s chip order, which is roughly 1,000 chips and has a total value of approx. 450 million yuan ($61.83 million). The remaining chips are expected by the end of the year.

Baidu is one of China’s leading AI companies. In October it released its Ernie 4.0 AI system, which it says has an overall performance “on par with ChatGPT.”

Over the summer the Biden Administration reportedly said it is even considering adding restrictions on China’s access to cloud computing services.

Last week, United States Undersecretary of Commerce for Industry and Security Alan Estevez reiterated that fear to reporters at an event in Tokyo, particularly highlighting concerns over usage for military purposes.

Magazine: AI Eye: Get better results being nice to ChatGPT, AI fake child porn debate, Amazon’s AI reviews

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

French police raid Nvidia offices amid antitrust investigation: Report

The action reportedly came as a part of a general inquiry of French antitrust authorities into the cloud computing sector.

Nvidia, one of the global leaders in artificial intelligence (AI) chip production with headquarters in California, reportedly faced a police raid in its French offices this week. The action came as a part of a general inquiry of French antitrust authorities into the cloud computing sector. 

The Wall Street Journal reported the raid on Sept. 28, although neither Nvidia nor the French enforcement agencies have officially commented on what happened.

A press release on the webpage of the French antitrust agency, Autorité de la Concurrence, refers to an unannounced inspection in the graphics cards sector. According to the release, a judge authorized the raid at the premise of the company “having implemented anticompetitive practices in the graphics cards sector.”

However, the raid itself does not “pre-suppose the existence of a breach of the law, which could be imputed to the company,” as the message from the agency specifies.

Related: French telecom group invests millions in local AI industry

Autorité de la Concurrence refers to its own opinion, issued in conclusion to a year-long study of the cloud computing sector. Published in June 2023, this document does not mention Nvidia. Instead it focuses on other tech companies, namely the three hyper scalers” — Amazon Web Services (AWS), Google Clou,d and Microsoft Azure. According to the agency’s data, they represent 80% of the spending growth in public cloud infrastructures and applications in France in 2021:

“Amazon and Microsoft have captured 46% and 17% respectively of revenues from IaaS and PaaS services in 2021. Given their financial capacities and their digital ecosystems, these hyperscalers are in a position to hinder competition development.”

The agency is considering various options provided by the national competition laws and the European Data Act to combat this tendency. 

Nvidia inevitably comes under the regulators' attention due to its unique position as the hardware producer for the most innovative sectors of the digital industry. The company's recent quarterly report revealed that the United States regulators asked it to curb exports of AI chips to “some Middle East countries.” A day later, the United States Department of Commerce denied this information.

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Top Trader Says Bitcoin Bottom Not in Yet, Predicts New Six-Month Lows for BTC – Here’s His Downside Target

Top Trader Says Bitcoin Bottom Not in Yet, Predicts New Six-Month Lows for BTC – Here’s His Downside Target

A top trader who nailed Bitcoin’s (BTC) 2018 bear market bottom is predicting another leg down for the crypto king. Pseudonymous analyst Bluntz tells his 224,800 followers on the social media platform X that BTC has likely printed a bearish lower-high setup after it failed to take out its resistance at $27,000 last week. According […]

The post Top Trader Says Bitcoin Bottom Not in Yet, Predicts New Six-Month Lows for BTC – Here’s His Downside Target appeared first on The Daily Hodl.

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Adobe, IBM, Nvidia join US President Biden’s efforts to prevent AI misuse

Adobe, IBM, Nvidia and five other companies have joined the initiative, unveiled in July, aimed at preventing the misuse of AI's capabilities for harmful purposes.

Adobe, IBM, Nvidia and five other companies have endorsed U.S. President Joe Biden's voluntary artificial intelligence (AI) commitments, including watermarking AI-generated content. 

This announcement was made by the White House on Tuesday, Sept 12. The White House Chief of Staff, Jeff Zients, emphasized the urgency of leveraging AI's advantages, mitigating its risks and rapid action, stating, "We're collaborating with the private sector and utilizing every available resource to achieve this goal." Additionally, Palantir, Stability, Salesforce, Scale AI, and Cohere have also joined the commitments.

Screenshot of the statement release   Source: The White House.

The initial commitments, unveiled in July, aimed to prevent the misuse of AI's capabilities for harmful purposes. Google, OpenAI, and Microsoft, a partner of OpenAI, endorsed these commitments during the same month.

The private commitments endorsed by the Biden administration are viewed as a temporary measure, as discussions within Congress regarding potential AI legislation have been ongoing but with little concrete progress in terms of introduced bills or substantial legal changes. Concurrently, the White House is actively developing an executive order related to AI.

Related: Gary Gensler confirms SEC’s use of AI for financial surveillance

In June 2023, a bipartisan group of U.S. lawmakers introduced a bill aiming to establish an AI commission to tackle issues in the swiftly expanding sector. The Biden Administration has stated its commitment to working alongside international allies such as Australia, Canada, France, Germany, India, Israel, Italy, Japan, Nigeria, the Philippines, and the United Kingdom in the formation of a global framework for AI.

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Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Meta is building AI model to rival OpenAI’s most powerful system

Meta is reportedly in the process of building a new, more powerful and open-source AI model to rival the most powerful systems of its rival OpenAI.

Meta, the parent company to social media platforms Facebook and Instagram, says it's developing a new artificial intelligence (AI) that will rival the most advanced model from OpenAI, according to a Wall Street Journal exclusive

WSJ reported that individuals familiar with the matter said Meta aims for the new AI model to be “several times” more powerful than its Llama 2 model, which it released earlier this year.

For the moment, the WSJ sources say Meta’s plans for the new system are for it to be open-source, and therefore allow other companies to build AI tools to produce high-level text, analysis and other types of output.

The company has also been building data centers necessary to create such a high-level system while acquiring more of Nvidia’s H100 semiconductor chips - the most powerful and coveted chips currently available on the market.

Llama was trained on 70 billion parameters, and while OpenAI hasn’t released its parameters for GPT-4; it's estimated around 1.5 trillion.

Related: Nvidia drops new AI chip expected to cut development costs

The sources said Meta anticipates training to begin for the large language model (LLM) in early 2024 and to be ready for release sometime next year. It is likely to be released after Google’s expected forthcoming LLM Gemini.

Microsoft is a primary backer of OpenAI and also collaborated with Meta to help make Llama 2 available on Azure, its cloud-computing platform. However, the sources said Meta plans to train its upcoming model on its own infrastructure. 

This development comes as major tech companies and governments are racing to create, deploy and control high-level AI systems. 

Recently, the United Kingdom government announced that it plans to spend $130 million on high-powered chips to create AI systems.

Across the globe in China, the country’s new legislation on AI recently went into effect. Since then the CEO of Baidu, a major China-based tech company, said that over 70 AI models have been released in the country.

Magazine: AI Eye: Get better results being nice to ChatGPT, AI fake child porn debate, Amazon’s AI reviews

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit